- The Litepaper by Stocktwits
- Posts
- A Bottle Rocket To The Nuts Hurts Less
A Bottle Rocket To The Nuts Hurts Less
ATOM, OP, DOT, and the total market cap charts along with how much was flushed from the market
OVERVIEW
A Bottle Rocket To The Nuts Hurts Less
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/c7717326-1e76-4f00-8e91-fad5dc87dbfc/firework-fail.gif?t=1720209035)
Here’s a visual exercise for you: My brother was a fireman and used to send us pictures of the kind of calls he got on the Fourth of July. What kind of pictures? Oh, pictures like what happens to your hand and fingers when you don’t let go of an explosive 😱
I won’t share those pictures, but if you use your imagination, that’s pretty much what the crypto market looks like.
In today’s Litepaper, we’re looking at just how ugly the market has been over this week.
Also on deck: the very ugly liquidations over the past 24 hours. 📰
Before we dive in, here’s today’s crypto market heatmap:
And here’s a look at crypto’s total and altcoin market cap YTD:
EMAIL ME
Tell Me What You Want What You Really Really Want 🔊
Quick note here: Let me know what you’d like to see more of in the Litepaper.
More charts? More on-chain analytics? More data? Let me know! 🎇
E-mail me here: [email protected]
TECHNICAL ANALYSIS
Technically Speaking 🎉
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/80155f6d-a6c6-4d05-b7a7-5ae542d8d438/IITmcf.gif?t=1720206308)
How much lower can things go? Is bottom in? Did we hit the low? Those are just some of the questions going through everyone’s minds. Let’s take a peek at some of the big movers. 😢
Cosmos
Ooof. Say what you will about that juicy 14% to 18% yield; it doesn’t make up for $ATOM’s slow, painful, and unyielding move lower.
And I mean slow and unyielding like an old man backing up his 94’ Crown Victoria over a handicapped sign.
It just made new 3.5 year lows today. At one point, it was down -15.62%, but it’s since recovered the majority of that loss and is presently down only -4.07%. 😨
Optimism
If there’s one cryptocurrency with name/title that is just really, really bad right now, it’s $OP’s. I mean, if you flipped the chart upside down you could be optimistic, as it is though? Dumpster fire.
Optimism is currently in a historically strong support zone. And at the same time, the RSI has hit new all-time lows on a weekly and daily timeframe. 🫢
Polkadot
Not everything is down and out today. There are some altcoins that look almost exactly like $DOT’s daily chart above.
At one point, Polkadot was down -11.51% before clawing back all of it back. And since then, it’s continued to move higher where, at the time of writing, it’s up +6.01%. That means from the intraday low bulls pushed DOT higher by nearly 20%. 🤯
Crypto Total Market Cap
We’ve got a few days left until this week’s candlestick closes. And if things remain unchanged throughout the weekend (unlikely), the crypto market is on its way to its worst week since FTX’s collapse in November 2022.
So, is the low in? Further to go? What do you think? Let’s watch what happens this weekend. 👀
NEWS
Liquidations. Ouch. 🤕
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/e7fafcda-bdec-480c-bad4-36027629411d/giphy_-_2024-07-05T152925.521.gif?t=1720207774)
According to CoinGlass’s liquidation data, a metric crap ton of leveraged money has been flushed out of the crypto market. How much? 🤔
Nearly $650 million.
And $530 million of that was from long positions.
Now, we’ve certainly seen liquidations in excess of $650 million, but when volume and participation in the market are at or near 2020 lows, $650 million is a boatload of money. 🛥️
STOCKTWITS “TRENDS WITH FRIENDS”
India’s Booming Bull Market 💸
Stocktwits co-founder Howard Lindzon chops it up with pals JC Parets and Phil Pearlman every Thursday on "Trends With Friends."
This week, they’ve brought back technology expert and investor Michael Parekh to discuss what’s behind India’s booming stock market, Amazon’s strategies against Chinese competition, and how AI is reshaping our understanding of common knowledge.
NEWS
Crypto News In Three Sentences 📰
💸 Phishing Scammers Swipe $314 Million in First Half of 2024
Crypto phishing scams have stolen a jaw-dropping $314 million in the first half of 2024, surpassing last year’s total of $295 million. Over 260,000 victims fell for malicious “Permit” transactions, with some losing millions. Stay vigilant: know the common phishing tricks and double-check every transaction before you sign. CoinGabbar has more.
🔓 Bittensor Exposes $8 Million Hack Vulnerability
Bittensor ($TAOAI) had to halt operations after a wallet hack drained $8 million worth of TAO tokens. A malicious package in the PyPi Package Manager compromised user security by stealing coldkey details. The team has fortified their defenses and is working with exchanges to trace the stolen funds. From Bitcoinist.
🎁 PancakeSwap Airdrops 2.4M ZK Tokens to Boost Engagement
PancakeSwap ($CAKE) is rewarding its users with a 2.4 million ZK token airdrop, starting July 5 and running until August 5. Eligible users include veCAKE holders, liquidity providers, and active traders. This initiative celebrates surpassing $3 billion in trading volume and aims to encourage further engagement with zkSync PancakeSwap. More from Cointelegraph.
🇩🇪 German Lawmaker Wants Bitcoin as Strategic Reserve
German politician Joana Cotar is urging the government to stop selling Bitcoin and instead hold it as a strategic reserve currency. Cotar argues that Bitcoin can hedge against inflation and enhance Germany’s economic sovereignty. Despite recent sales, Germany still holds over 40,000 $BTC, valued at around $2.3 billion. Full story at CryptoGlobe.
🪙 Mt. Gox Finally Starts Bitcoin and Bitcoin Cash Repayments
After nearly a decade, Mt. Gox has begun repaying Bitcoin and Bitcoin Cash to its creditors. This marks a significant milestone for the infamous exchange, which collapsed in 2014 after losing 744,408 bitcoins. The repayment process has started, causing additional selling pressure on the Bitcoin market. Crypto Briefing has more.
📧 Bankman-Fried Family Emails Expose Deep Ties to FTX Finances
New emails reveal that Sam Bankman-Fried’s family was deeply involved in managing FTX’s finances, with his father, Alan, introducing exec Ryan Salame to tax lawyers about millions withdrawn from Alameda Research. His brother, Gabriel, directed political contributions and sought $5 million for his advocacy group, while his mother, Barbara, asked for $92,000 for research projects. From Protos.
Links That Don’t Suck 🔗
Get In Touch 📬
Follow our social channels for great, real-time content on Stocktwits and Twitter. And check out our YouTube channel for in-depth video content! 📲
Email me (Jonathan Morgan) your feedback; I’d love to hear from you. 📧
Want to sponsor this newsletter and reach hundreds of thousands of crypto enthusiasts? Reach us here. 👍
Disclaimer: Stocktwits, Inc. (“Stocktwits”) operates the stocktwits.com website and Stocktwits mobile device applications (the “Apps”). Stocktwits is not a securities broker-dealer, investment adviser, or any other type of financial professional. No content on the Stocktwits platform should be considered an offer, solicitation of an offer, or advice to buy or sell securities or any other type of investment or financial product. Read the full terms & conditions here. 🔍
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/01840f92-0308-40da-9481-e0d80203dc38/fin-04.png?t=1708549409)